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《大行報告》花旗下調萬國數據(GDS.US)目標價至34美元 評級「買入」
花旗發表研究報告指,萬國數據(09698.HK)(GDS.US)第三季業績略為好過預期,調整後EBITDA超出預期約2%。由於需求前景依然低迷,管理層進一步下調今年收入增長指引,並將資本支出項目推遲到2024年,料將推高今年利用率及有助改善現金流狀況。 花旗相信,隨著時間推移,供應過剩、電力成本上升、互聯網監管及財務狀況緊張等不利因素都可能會緩解,並推動股份獲得重新評級,建議投資者耐心等待。 萬國數據預期今年收入將增長18%至20%,並維持經調整EBITDA將增長13%至16%。雖然市場需求仍未見起色,但管理層預計 2023年雲端遷移速度可能會略為加快,又強調明年資本支出和債務償還需求的資金已確定,重申數據中心業務仍受政策支持,銀行都願意提供資金支持。 考慮到最新增長指引及疲軟的行業前景,花旗將2023至2024年收入預測下調10%至11%,EBITDA預測下調12%至15%,預期復甦將於明年下半年才出現,因此將美股目標價從42美元下調至34美元,評級「買入」。
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